Why you should start your Feltham lease extension

Main reasons to start your Feltham lease extension today:

A Feltham lease depreciates with the years remaining on the lease.

For anyone whose Feltham property is held on a long lease, the message is clear – if nothing is done, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not grant a mortgage with a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. As many flats in Feltham were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Feltham?

The conveyancing solicitors that we work with handle Feltham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Feltham Lease Extension Case Studies:

Bethan, Feltham, West London,

In the wake of 6 months of lengthy discussions with the freeholder of her garden apartment in Feltham, Bethan initiated the lease extension process just as her lease was coming close to the critical 80-year threshold. The lease extension was concluded in March 2005. The freeholder’s charges were negotiated to slightly above 600 GBP.

Feltham case:

Dr I García completed a first floor flat in Feltham in August 2003. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar residencies in Feltham with an extended lease were valued about £265,000. The mid-range ground rent payable was £55 collected every twelve months. The lease elapsed on 23 June 2100. Given that there were 74 years outstanding we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.